Georgetown Bancorp, Inc. Reports Continued Profitability Trends for the Three and Six Months Ended June 30, 2012
27 Julio 2012 - 3:30PM
Business Wire
Georgetown Bancorp, Inc. (NASDAQ: GTWND) (the “Company”),
holding company for Georgetown Savings Bank (the “Bank”), reported
net income for the three months ended June 30, 2012 of $135,000, or
$.05 per basic and diluted share, compared to a net loss of
$20,000, or $.01 per basic and diluted share, for the three months
ended June 30, 2011. Net income for the six months ended June 30,
2012 was $288,000, or $.11 per basic and diluted share, compared to
net income of $312,000, or $.12 per basic and diluted share, for
the six months ended June 30, 2011.
Robert E. Balletto, President and Chief Executive Officer, said,
“The Company’s asset quality remained stable, as non-performing
assets to total assets was .99% at June 30, 2012, compared to 1.00%
at March 31, 2012. As we continue to execute our strategic plan,
which includes the judicious development of our commercial lending
business, we remain focused on maintaining high asset quality and
enhancing long-term shareholder value.”
Georgetown Bancorp, Inc. Selected Financial Data
At or for the At or for the Period
Ended Year Ended June 30, 2012 December 31, 2011 (Dollars in
thousands, except share data)
Selected Financial Condition
Data: Total assets $ 214,580 $ 199,375 Cash and cash
equivalents 40,274 19,083 Loans receivable, net 151,328 161,120
Allowance for loan losses 1,553 1,824 Investment securities (1)
9,121 6,496 Deposits 166,594 151,085 Borrowings 25,100 25,694
Total stockholders' equity 20,711 20,329 Stockholders'
equity to total assets at end of period 9.65 % 10.20 % Total shares
outstanding 2,694,341 2,680,455
Asset Quality Data:
Total non-performing loans $ 1,847 $ 3,133 Other real estate owned
283 30 Total non-performing assets 2,130 3,163 Non-performing loans
to total loans 1.21 % 1.92 % Non-performing assets to total assets
0.99 % 1.59 % Allowance for loan losses to non-performing loans
84.08 % 58.22 % Allowance for loan losses to total loans 1.02 %
1.12 % Loans charged off $ 371 $ 788 Recoveries on loans previously
charged off 5 12 Three Months Ended Six Months Ended June
30, June 30, 2012 2011 2012 2011 (Dollars in thousands, except per
share data)
Selected Operating Data: Interest and dividend
income $ 2,256 $ 2,777 $ 4,577 $ 5,574 Interest expense 447
646 949 1,316 Net
interest income 1,809 2,131 3,628 4,258 Provision for loan losses
31 681 95 745
Net interest income afterprovision for loan losses 1,778
1,450 3,533 3,513 Non-interest income 329 198 612 424 Non-interest
expense 1,905 1,707 3,710
3,466 Income (loss) before income taxes 202 (59 ) 435
471 Income tax provision (benefit) 67 (39 )
147 159 Net income (loss) $ 135
$ (20 ) $ 288 $ 312 Net income (loss) per
share: basic $ 0.05 $ (0.01 ) $ 0.11 $ 0.12 Net income (loss) per
share: diluted $ 0.05 $ (0.01 ) $ 0.11 $ 0.12 Net income
(loss) per share: basic (2) $ 0.07 $ (0.01 ) $ 0.15 $ 0.16 Net
income (loss) per share: diluted (2) $ 0.07 $ (0.01 ) $ 0.15 $ 0.16
Performance Ratios: Return on average assets 0.27 %
-0.04 % 0.29 % 0.31 % Return on average equity 2.66 % -0.41 % 2.83
% 3.20 % Interest rate spread 3.57 % 4.24 % 3.59 % 4.18 % Net
interest margin 3.74 % 4.46 % 3.76 % 4.40 % Efficiency ratio (3)
89.04 % 73.31 % 87.49 % 74.03 % Non-interest expense to average
total assets 3.75 % 3.38 % 3.68 % 3.40 % (1) Does not
include Federal Home Loan Bank Stock of $2.9 million. (2) Adjusted
to reflect 0.72014 exchange ratio in connection with second-step
conversion completed July 11, 2012. (3) The efficiency ratio
represents non-interest expense divided by the sum of net interest
income and non-interest income.
About Georgetown Bancorp, Inc.
Georgetown Bancorp, Inc. is the holding company for Georgetown
Savings Bank. Georgetown Savings Bank, with branch offices in
Georgetown, North Andover and Rowley, Massachusetts, is committed
to making a positive difference in the communities we serve. We
strive to deliver exceptional personal service at all times and to
help each of our customers achieve their unique financial goals
through a competitive array of commercial and consumer banking
services. To learn more about Georgetown Savings Bank, visit
www.georgetownbank.com or call 978-352-8600.
Forward-looking statements
This news release may contain certain forward-looking
statements, such as statements of the Company’s or the Bank’s
plans, objectives, expectations, estimates and intentions.
Forward-looking statements may be identified by the use of words
such as “expects,” “subject,” “believe,” “will,” “intends,” “will
be” or “would.” These statements are subject to change based on
various important factors (some of which are beyond the Company’s
or the Bank’s control) and actual results may differ materially.
Accordingly, readers should not place undue reliance on any
forward-looking statements (which reflect management’s analysis of
factors only as of the date of which they are given). These factors
include general economic conditions, trends in interest rates, the
ability of our borrowers to repay their loans, the ability of the
Company or the Bank to effectively manage its growth, and results
of regulatory examinations, among other factors. The foregoing list
of important factors is not exclusive. Readers should carefully
review the risk factors described in other documents the Company
files from time to time with the Securities and Exchange
Commission, including the final Prospectus filed in connection with
our second-step conversion and Current Reports on Form 8-K.
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